Contracts form the lifeblood of any enterprise, and they’re often a company’s single greatest economic asset. Yet, according to the International Association for Contract & Commercial Management (IACCM), poor contract management is costing companies an average of 9 percent of their annual revenues.

If your business is an activity that many people enjoy as a hobby – for example, making jewelry, painting oil portraits or playing in a cover band — and isn't consistently profitable, there can be a fine line between "hobby" and "business."